The Ghana Investment Promotion Centre (GIPC) in a statement has disclosed that Ghana recorded $ 874.01 million worth of inbound investments within the first half of 2021. This was gained from 122 projects despite the Covid-19 pandemic.
Furthermore, out of the total investment of $ 874.01 million, the Foreign Direct Investments (FDI) amounted to $ 829.29 million while the local component summed up to $ 44.72 million.
“This strong FDI performance in the first half of the year was driven by success in key sectors, including the services sector with 63 projects at an estimated value of US$ 597.63 million.
“The manufacturing sector with 24 projects at a value of US$98.74 million, as well as general trading and Building and construction with FDI values of US$41.87 million and US$22.63 million respectively.”
Ghana Investment Promotion Centre
Additionally, the FDI amount of $829.29 million represents 32.15% increase as compared to $ 627.52 million recorded in the same period last year.
Also, the statement disclosed that out of the sixteen (16) administrative regions, nine (9) regions were disclosed to benefit from the nationwide distribution of the 122 projects.
The Greater Accra region was apportioned 96 projects representing 78.69% of the total projects, the Ashanti and Western regions received 8 and 9 projects respectively.
Also, the Bono, Central and Eastern regions received two (2) projects each, whereas Ahafo, Northern and Upper West regions each received single projects.
Furthermore, the statement disclosed that at full capacity, the projects have the potential of generating about 8,931 jobs, hence reducing the level of unemployment in the country.
Furthermore, 8,091 jobs representing 90.59% of the total 8931 jobs will be given to Ghanaians whereas 840 jobs will be given to non-Ghanaians.
Meanwhile, the statement revealed that Singapore emerged as Ghana’s largest investment partner with a total of $ 307.50 million in investments.
Also among Ghana’s investing partners were Netherlands, India, and Australia, which invested $ 46.80 million, $ 61.57 million, and $ 204.01 million respectively.
Furthermore, United States of America (USA) and China were also disclosed to have invested immensely into Ghana’s economy.
FDI growth projections
The United Nations Conference on Trade and Development (UNCTAD) disclosed that global “FDI decreased by a third to $1 trillion in 2020” as a result of the Covid-19 pandemic.
The UNCTAD predicts that it is possible for global FDI to gain some viable grounds in 2021, with growth projections between 10% and 15%.
Furthermore, UNCTAD revealed that the prospects of investment inflows may be impacted by the probability of pandemic relapses, macroeconomic policy measures, and the possible impact of recovery spending packages.
However, GIPC remains hopeful to maintain its performance for the first half of this year, while reaching for bigger performance with a new and innovative approach.
GIPC further disclosed that welcoming investment under the Ghana CARES ‘Obaatan Pa’ program will remain a topmost priority for the Centre in order to secure Ghana’s economic recovery.
Furthermore, the GIPC disclosed that these investment gains indicate Ghana’s attractiveness as an investment destination within the West African Region.
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